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Investor Presentaiton

ECONOMIC MODEL Our Run-off Business Enstar recycles capital through our business operating cycle, creating a strong source of book value per share growth and internal financing Acquire Liabilities Acquire insurance liabilities from motivated insurers Leverage experience and industry relationships • Global footprint aids in sourcing transactions Maintain price discipline Manage Liabilities Strive to generate profits from run- off entities through loss reserve savings, operational efficiencies, and investment income • Manage claims professionally, expeditiously and cost effectively Settle faster than the original claims payment pattern, thereby incurring lower ultimate claims handling costs ENSTAR Redeploy Capital Profits released from the underlying regulated entities can be redeployed into the business to fund future acquisitions and/or repay financing • Profitably commute assumed liabilities and ceded reinsurance assets Property of Enstar Group Limited - Not for Distribution 12
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